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The sign at eBay headquarters in San Jose, Calif. is photographed on Friday, April 19, 2013. The company has transformed itself from an online auction site into one of the most highly sought after technological partners for small and large retailers. (Gary Reyes/ Bay Area News Group)

eBay CEO John Donahoe has 23 million reasons to stick around until the company splits in two next year. The San Jose-based e-commerce giant will spend more than $35 million to retain Donahoe and four other top executives until PayPal is spun off, according to an SEC filing.

The five execs will be out of a job once the split, which was announced in September, is complete. Donahoe stands to receive a $23 million bonus, and COO Robert Swan will get about $12 million. VP of legal Michael Jacobson, HR chief Elizabeth Axelrod and corporate communications chief Alan Marks will also get bonuses, equal to 1.5 times their annual pay and bonus, according to Bloomberg News.

John s transition package is closely tied to the performance of the company during the separation period and the company s stock price at the time of separation, eBay spokeswoman Amanda Miller said in a statement.

Donahoe has been CEO of eBay for six years, and has been largely praised for his leadership. He will be replaced by Devin Wenig, and American Express exec Dan Schulman will become PayPal CEO.

In other eBay news, the company announced Thursday evening it was cutting ties with ALEC, a conservative political group that has come under fire for for its stance on climate change.

After our annual review of eBay Inc s memberships in trade associations and third party organizations we ve decided not to renew our membership with American Legislative Exchange Council (ALEC), an eBay spokeswoman said.

Environmental activists praised eBay s move. This is a major victory, said Ryan Canney of the group Forecast the Facts told The Guardian.

At top: The sign at eBay headquarters in San Jose. (Gary Reyes/ Bay Area News Group file photo)